I like what Dr. Richebacher says and I like how he says it. If I learned anything in my years of University study in Econ, it’s that what he says is true. The fact that basic laws of economics are now violated by the “very best” advanced “de-greed” Economists (pun intended) that money can buy doesn’t change the basic law.
In my opinion, most the “media Economists” are bought and paid to push the message du jour given them by those behind the curtain.
The worst-kept secret in the world is that most of what you read, see, or hear cited in the current ‘mainstream news media‘ is pure, unadulterated fiction. The more generalized bad news conveyed in the message, the bigger the lie. It is a carefully crafted scheme intended to make the sheeple unthinkingly accept at face value, everything they are told by some perceived authority.
It is just my opinion, no more valid than your own (or perhaps just as valid), take them for what they’re worth. I will let Dr. Richebacher’s words speak for themselves.~ d. jacobs
Dr. Richebacher’s words . . .
“All this emphasis on statistics and calculations…” he went on, rapping his silver-handled cane on the table for emphasis, “without a proper theory, it is all nonsense. And your economists seem to have no theory at all… they just think they can manipulate the system in order to get whatever outcome they want.
They think economic growth comes from consumer spending and that they can control consumer spending by adjusting lending rates. It is unbelievable that anyone takes this seriously. It is capital formation that really matters. A rich society is one with a great stock of capital… one that builds capital and puts it to work to create more capital. A rich society is not one where people consume. Just the opposite.
It is not what is consumed that creates wealth; it is what is NOT consumed. Yet, all the Anglo-Saxons focus on motivating consumers to consume. And now they are consuming more than they make. I tell you, in 70 years of studying economics, I have never seen such nonsense.”